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Campbell to Expand World Headquarters Facilities in Camden, NJ with $72 Million Investment

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CAMDEN, N.J.–(BUSINESS WIRE)–Feb. 7, 2007–Campbell Soup Company
(NYSE:CPB) today announced an agreement with the State of New Jersey
and the City and County of Camden under which Campbell will make an
investment of up to $72 million to expand and enhance its World
Headquarters in Camden as part of a redevelopment plan for the city.
The investment reflects the latest step in Campbell’s transformation
and the company’s longstanding commitment to Camden, its home since
1869. At a morning news conference today, Campbell President and CEO
Douglas R. Conant will unveil plans for a new 80,000 square foot
employee services building and highlight enhancements to existing
Campbell buildings.

“Camden has been Campbell’s home for more than 137 years,” Conant
said. “We have deep roots here, not just in bricks and mortar, but
through our community service, employee volunteerism, and through the
Campbell Soup Foundation’s partnerships with community organizations.
This is a great day for Campbell; a great day for the City and County
of Camden; and a great day for the State of New Jersey and the
Delaware Valley.”

Conant will be joined at the news conference by New Jersey
Governor Jon S. Corzine, along with state, county and local officials,
and community leaders. Corzine plans to announce that the state will
partner with Campbell to help develop a 110-acre office park in
Camden’s Gateway Redevelopment District, with Campbell as its anchor.
The state, county, and city plan to invest about $26 million in the
area’s infrastructure, including improvements to roads, as well as
water and sewer upgrades for the redevelopment area.

“This deal demonstrates the importance and the benefits of
public-private partnerships in helping our communities thrive,”
Governor Corzine said. “Stimulating economic growth is vital to our
ongoing efforts to revitalize Camden, and this collaboration between
Campbell and state, county, and local government represents an
important sign of renewal for the city.”

The project is predicated on future governmental actions before
construction of the new Campbell building and the development of the
proposed office park will begin.

The development project is dependent upon the re-zoning of the
immediate area around Campbell from “light/industrial office” to
“office campus zone.” The proposed 110-acre office park will extend
from Pine Street to Admiral Wilson Boulevard and will be able to
accommodate approximately 500,000 additional square feet of office
space. Campbell will be designated the master developer of the
110-acre office park and will work with state and local officials to
attract developers and other businesses. Campbell’s campus will use
approximately 40 acres.

Campbell’s new employee services building will feature a dramatic
glass entrance and lobby with super-graphics that will be visible from
Rt. 30 and easily accessible from both Rt. 30 and interstate 676. The
new building will include a state-of-the art cafe; fully equipped
fitness center; a company store and credit union; as well as office
space and conference rooms. These all will be relocated from existing
buildings. Campbell plans to link the new facility with other
buildings on its campus to create an open-air courtyard. Additionally,
the building will house an innovative training and learning center
called Campbell University.

The new building will be designed by Philadelphia-based architects
KlingStubbins as an environmentally-friendly, LEED-certified
(Leadership in Energy and Environmental Design) “green” facility. It
will employ energy efficient HVAC, water conservation, recycled
building materials, and day-light harvesting, among other
environmentally efficient features.

Campbell expects to break ground on the building, pending permits
and other governmental approvals, in the summer of 2007 and plans to
complete construction in the fall of 2008. Once the new building is
completed, Campbell’s Camden facilities will include approximately
750,000 square feet of office and research and development space. The
project marks the first major development to Campbell’s World
Headquarters since the construction of the Dr. John T. Dorrance
Culinary Center in 2003. The Dorrance Center is regularly a site of
community events.

“This project is the latest step in Campbell’s transformation,”
noted Conant. “We have made extraordinary strides in meeting
workplace, marketplace, and financial goals during the past six years.
The time is right to enhance our work environment for employees and
visitors. This campus will be the new face of Campbell Soup Company in

Camden Mayor Gwendolyn Faison said, “Campbell Soup Company is
synonymous with the City of Camden. We are thrilled that Campbell has
joined with the city, county, and state in a plan that will strengthen
Campbell’s roots in Camden and that the company will continue to
contribute to the many positive developments underway here.”

The development of Campbell’s new campus and the surrounding
office park are the latest in a series of redevelopment efforts
undertaken to rejuvenate Camden, including the creation of waterfront
attractions, such as the Adventure Aquarium and the Tweeter Performing
Arts Center; Campbell Field, home to the Camden Riversharks
independent league baseball team; the expansion of Rutgers University
Law School; and the Victor Lofts, a residence built in the historic
RCA Victor manufacturing facility, among others. There are additional
redevelopment efforts beyond the waterfront, including the new Cooper
Hospital patient care pavilion, and the new UMDNJ Academic and
Research Building, among others.

To improve traffic patterns for the overall office park and
surrounding area, the state and city plan to implement roadway
recommendations outlined by the State of New Jersey and the Camden
Redevelopment Authority.

Located in Camden since its founding in 1869, Campbell Soup
Company is the longest-standing corporate tenant in the city and the
only Fortune 500 Company headquartered in Camden. Campbell has been an
active participant in Camden’s redevelopment through a number of
initiatives, including its ongoing activities through the Campbell
Soup Foundation, which is dedicated to supporting organizations that
inspire positive change in the communities where Campbell operates. On
average, the Foundation contributes $1.5 million annually to nonprofit
organizations working to produce tangible results in education,
housing, health, and economic development; the vast majority of those
funds directly benefit organizations located in Camden. For example,
the Campbell Soup Summer Program supports organizations that offer
Camden youth summertime activities such as career training,
recreation, and cultural and academic instruction. Over its 31-year
history, the Summer Program has contributed more than $10 million to
local organizations and has provided constructive summers to more than
500,000 Camden youth. Additionally, Campbell and its employees are the
largest single contributor to the United Way of Camden County.

Conant concluded, “It’s long been our practice to contribute time,
energy, and resources to the communities in which our employees live
and work. Campbell is pleased to continue contributing to Camden’s
revitalization, and we look forward to remaining in Camden–our
birthplace–for many years to come.”

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of
high quality simple meals, including soups, baked snacks,
vegetable-based beverages, and premium chocolate products. Founded in
1869, the company has a portfolio of market-leading brands, including
“Campbell’s,” “Pepperidge Farm,” “Arnott’s,” “V8,” and “Godiva.” For
more information on the company, visit Campbell’s website at

    CONTACT: Campbell Soup Company
             Anthony Sanzio (Media)
             (856) 968-4390
             Leonard F. Griehs (Analysts)
             (856) 342-6428

    SOURCE: Campbell Soup Company
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